Blog

The Secret To Getting Car Loans With Bad Credit

Bad credit or no credit – whatever the situation, you need a car to travel to and from work. If you can’t afford to keep your old car, it’s probably best to invest in a new affordable car. If you have bad credit, this is okay, because lots of dealers offer special deals for people in your situation. Here are some things to keep in mind if you have bad credit or no credit:

Step 1 : Know Your Score

A lot depends on where you fare in the loan category rating system. For example, credit score within the 600 – 575 range is less than perfect, but comfortable enough to negotiate a good deal. A credit score between 550 and 450 means that you will have to pay a higher interest rate, but seeking a good lender might help.

Step 2: Know How Much You Can Afford

This is more important than you think because lenders base their decisions on how much you can afford to pay. Can you afford to pay the monthly installments with your salary and manage with other expenses? Figure out your budget before you make a decision.

Step 3: Look for the Right Lender:

Loan interest rate varies depending upon your lender choice. Credit co-ops are usually the first choice because lending terms are friendly. If they turn you down, though, the best option might be to contact reputed lenders offering car loans in New Brunswick. You can also choose auto lenders specializing in bad credit. There are also plenty of dealers who will finance bad credit auto loans in Nova Scotia. Make sure to choose someone who doesn’t have add-on rates. Also, look for a lender that will allow you to refinance should you need to do so down the road.

Disclaimer

By submitting your email address or phone number, you allow us, Maritime Car Loan, to include you on our contact lists to send you information about our products, services and promotions. You may revoke consent at any time by clicking on the "Unsubscribe" link in your email.